Owning Your Own Business - Do You Have What It Takes?
- Date: 2008-07-17 - Word Count: 592
Share This!
According to the SBA, 50% of all small businesses fail within the first 5 years. Wow! That's scary! Think about it this way - you're standing in a room with another small business owner, and most likely one of you will close your doors. Who will it be? There's a 50% chance it'll be you!
Here's the picture. On a personal level, you wonder from day to day whether you can pay the mortgage, sometimes even whether you can pay the utilities, or worse, if you will be able to buy groceries. And since money is so tight, you start to get scared, wondering where you'll find your next customer. That makes you anxious and almost pushy when someone shows interest. They sense the urgency and often get scared away. Unfortunately, you - the business owner - are always the last to get paid (if you get paid). Thus, the personal financial issues can consume your thoughts and dictate actions.
On the business side, there are even more issues to address. Are you making the right decisions so that once the money problem is handled, you'll have done the right things to keep the company going? Did you choose the right location for your business? Are you home-based and possibly should have opened a store-front? Or did you spend the money on an off-site location when you could have chosen to be home-based and saved money on overhead expenses?
Are you skilled enough to manage your inventory, track your financials, create marketing materials, develop a website, manage your employees, and retain customers through proper follow-up? Are you organized enough to schedule your time and your employees' time properly? Do you have the software skills it takes to run your business efficiently? If you answered no to any of these questions, do you have the funds to hire someone to help?
This brings other questions to think about. Do you have the skills to hire and manage employees? Do you know the state and federal laws associated with Human Resources? Do you know how to process payroll?
Do you have the funds to hire professionals? You'll need an accountant, attorney and business manager. Yes, you do need a business manager. The SBA states that one of the reasons small business fail is lack of experience. This is where a business coach/manager will earn every dime you pay him or her. Other reasons for failure are unexpected growth, over-investing in fixed assets and insufficient funding. Again, a good business coach will be able to assist you by helping make these difficult decisions.
These are all questions that must be considered. And if you're still reading, then you haven't yet been scared off. So, you just might have the internal fortitude it takes to move forward with your desire to be a business owner.
Of course, the success of your business depends on motivation, determination and perseverance. It takes passion, faith in self and willingness to work hard and long. The benefits of being your own boss are that the long hours and hard work don't usually seem like work because you love what you're doing. The profits come to you rather than someone else. Think of the sense of accomplishment and excitement you'll create for yourself!
If you don't want to deal with the long startup normally associated with a new business, you can purchase an existing business, a franchise, independent business opportunity or turnkey business package. Any of these can be very helpful and shorten the time it takes to start your own business, plus provide support and experience.
Here's the picture. On a personal level, you wonder from day to day whether you can pay the mortgage, sometimes even whether you can pay the utilities, or worse, if you will be able to buy groceries. And since money is so tight, you start to get scared, wondering where you'll find your next customer. That makes you anxious and almost pushy when someone shows interest. They sense the urgency and often get scared away. Unfortunately, you - the business owner - are always the last to get paid (if you get paid). Thus, the personal financial issues can consume your thoughts and dictate actions.
On the business side, there are even more issues to address. Are you making the right decisions so that once the money problem is handled, you'll have done the right things to keep the company going? Did you choose the right location for your business? Are you home-based and possibly should have opened a store-front? Or did you spend the money on an off-site location when you could have chosen to be home-based and saved money on overhead expenses?
Are you skilled enough to manage your inventory, track your financials, create marketing materials, develop a website, manage your employees, and retain customers through proper follow-up? Are you organized enough to schedule your time and your employees' time properly? Do you have the software skills it takes to run your business efficiently? If you answered no to any of these questions, do you have the funds to hire someone to help?
This brings other questions to think about. Do you have the skills to hire and manage employees? Do you know the state and federal laws associated with Human Resources? Do you know how to process payroll?
Do you have the funds to hire professionals? You'll need an accountant, attorney and business manager. Yes, you do need a business manager. The SBA states that one of the reasons small business fail is lack of experience. This is where a business coach/manager will earn every dime you pay him or her. Other reasons for failure are unexpected growth, over-investing in fixed assets and insufficient funding. Again, a good business coach will be able to assist you by helping make these difficult decisions.
These are all questions that must be considered. And if you're still reading, then you haven't yet been scared off. So, you just might have the internal fortitude it takes to move forward with your desire to be a business owner.
Of course, the success of your business depends on motivation, determination and perseverance. It takes passion, faith in self and willingness to work hard and long. The benefits of being your own boss are that the long hours and hard work don't usually seem like work because you love what you're doing. The profits come to you rather than someone else. Think of the sense of accomplishment and excitement you'll create for yourself!
If you don't want to deal with the long startup normally associated with a new business, you can purchase an existing business, a franchise, independent business opportunity or turnkey business package. Any of these can be very helpful and shorten the time it takes to start your own business, plus provide support and experience.
Related Tags: entrepreneur, business opportunity, startup, sba, home inventory, turnkey
Cindy Hartman and her husband, Mike, are owners of a commercial and home inventory service. They also own Hartman Inventory Systems, LLC - a turnkey business created with your success in mind. Cindy invites you to visit her website at www.HartmanInventory.com to learn about this complete startup package. They started their business from the ground up; let them provide the experience you need to start and grow your own personal property inventory service. Your Article Search Directory : Find in Articles
Recent articles in this category:
- Work At Home Mums: Making Time For You.
I questioned if this subject would be worthy of a complete article, however it's an vital factor in - Property Investing 7 Reasons Why Now Is A Good Time To Invest
Conventional wisdom has this to say about property investing; the best time to invest in property is - Chocolate Gifts: The Perfect Corporate Gifts For Your Colleagues
It's always a good feeling to give messages of thanks to your colleagues who helped you finish that - Singapore Company For Foreign Entrepreneurs And Business Entities
There are three unique types of Singapore company that have been specifically created for foreign en - Important Objectives Of Packaging
The function of packaging is not simply only physical protection but also marketing, barrier protect - Establish Your New Global Web-based Enterprise Right Now
This is the perfect point in time to set up your global web business.The Internet business field is - The Ups And Downs Of Entrepreneurship
There are two kinds of entrepreneurs. First, there is the entrepreneur that is commonly associated w - Problem Of Funds To Start A Small Business
If you are determined to do some business on your own rather than doing office work in other people' - Do Business Tactfully Incorporating Third Party Logistics!
If you are an experienced entrepreneur, then you can certainly value two major factors; quality work - Home Stagers Can Work As Much Or As Little As They Wish
Many Staging Diva Graduates start out as part-time home stagers because they simply can't afford to
Most viewed articles in this category:
- Starting A Day Care Center Can Be Profitable When Following These Five Ingredients Of Success
The demand for child day care in the US is rising. This is due to many factors including but not lim - Being an Entrepreneur
I have never been the conventional type. I always did something different from everybody else. I jo - It Takes a Decision To Succeed
I am truly amazed at how often I hear people talk about what they want and yet when I ask them if th - A Business Plan-Do You Need One?
There are several uses for a business plan, and each requires the plan to be written somewhat differ - Art Therapy: Array your Art Workshop at Work
There is so much going on in the world today. President Bush is moving things around in Washington. - Proven Income Opportunity Success Stories
There are alot of scams out there claiming that they have a proven income opportunity. I totally agr - Sometimes You Have to Abandon the Experts, Theories and Books and Trust Your Intuition
As the coordinator for the online think tank often we get into debates with experts and Ph.D.'s abou - Mums - Park And Ride Your Way To A Second Income
Have you ever noticed that when you are in a hurry to catch a bus there never seems to be one? Or pe - How to Protect Yourself if Your House Value Drops, or Your Income is Lost - Part 2
Robert Shiller, is the author of the runaway bestseller, Irrational Exuberance. Shiller has recently - Home Business Solutions for Earning a Residual Income
Starting a home business is a huge step. Maybe you want to earn an extra income, extra spending mone